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DOBI Conducts Financial Literacy Program for Senior Citizens in Brick

BRICK, NJ – New New Jersey Department of Banking and Insurance Acting Commissioner Ken Kobylowski today spoke with a group of approximately 45 senior citizens at the Senior Outreach Services Center in Brick about life insurance, long term care insurance and reverse mortgages. He also provided tips to avoid falling victim to fraud.

“These seminars provide an opportunity for the Department to provide information to consumers but to also directly answer questions that the public may have regarding financial products aimed at older residents,” said Kobylowski.

Acting Commissioner Kobylowski addressed the group as part of the Department’s ongoing Financial Literacy program for senior citizens.

For the last six years, the Department has been conducting Financial Literacy presentations to high school students and discussing such things as how credit cards work, personal budgeting and the importance of savings. The Department began conducting financial literacy programs for senior citizens in May.

The Acting Commissioner stressed that while many financial products may initially seem complex and confusing, they can be good, manageable investments. But he did urge the audience to exercise caution in certain areas. The Acting Commissioner’s advice included:

Regarding life insurance: If someone calls and makes an offer for a life insurance policy, take all of their information and then call the Department of Banking and Insurance or check our website to verify that they are licensed.

For those with life insurance policies in force: Beware of people asking you to alter your life insurance policies. Similarly, consumers should be skeptical if someone urges you to switch policies.

Regarding annuities: Only purchase them if you are certain they are the right product for you and that you understand the way annuities work and all of the terms and conditions of the specific annuity you are purchasing.

On identity theft: Seniors should be very careful with financial information and do not to provide it to a stranger over the phone.

In summation, he warned the audience to think about all offers that sound simply too good to be true.

“The old line applies, if it sounds too good to be true, it probably is,” said Kobylowski. “If you are unsure of a financial product that someone is trying to sell you...say, ‘No thank you!’ If you have questions still, ask someone you trust before you agree to anything.”

Acting Commissioner Kobylowski was introduced by Program Director Deb Welty who was assisted by Programs Coordinator, Pat Schwartz.

The program, designed by the Department specifically for seniors, will continue throughout the State, and will complement DOBI’s ongoing financial literacy outreach to high school students.

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